Italy: Business confidence plummets in August
The National Institute of Statistics (Istat)’s composite business confidence indicator (Clima di Fiducia delle Imprese Italiane, IESE)—which covers the manufacturing, construction, services and retail sectors—dropped from July’s 105.3 points (previously reported: 105.4) to 103.8 points in August, marking the lowest reading since January 2017.
August’s reading was driven by a marked deterioration in manufacturing sector sentiment, amid less optimistic assessments on order books and production expectations. Confidence in the construction and market services sectors were also down in the surveyed month. Meanwhile, sentiment in the retail trade services sector improved in August.